If you feel that your business has exhausted its native market and so would benefit from branching out into a new territory, there are good reasons to particularly consider the UK as your next business destination. Its very cosmopolitan nature, for example, means that just the right market could await.
However, there remain some hurdles to overcome – including, perhaps, your own uncertainty about the Brexit factor – if you are intent on taking your business to British shores.
You need advice from relevant experts
You should pour a lot of research into your preparatory efforts before entrenching your business in the United Kingdom of Great Britain and Northern Ireland, as the country is officially known in full.
AllBusiness.com advises that you “consult an accountant and legal counsel” – but hold off if you were about to type “attorney” or “lawyer” into that search engine! In the UK, you actually need a specialized business “solicitor”, to use the correct terminology.
Should you set up a whole new company there?
One of the many matters you could talk through with that solicitor includes whether you should start an entirely new, separate business specifically for the UK, or simply expand your existing firm into the new market. Basically, it’s a choice between running two legal entities or sticking with one.
Conducting the right research is crucial here – but, if you will be starting a new business, it is important for you to learn exactly how you would do it in the UK.
How do you start a UK-based business?
Initially, UK-relevant business structures can look pretty foreign, but relax – there are actually fewer regulations in the UK than you might have come across elsewhere, says Startup Overseas.
Therefore, starting a UK-based firm can be very much an instance of “easy once you know how”. The process involves registering with the executive agency Companies House and making sure your company is registered for VAT (Value Added Tax).
You should be careful which UK location you choose
The UK is a wonderfully diverse country – with the result that, if you fail to thoroughly research different potential locations for your business, you could leave it unnecessarily hamstrung.
The northern city of Newcastle could be just right for a telesales business, due to the appeal and trustworthiness of the local “Geordie” accent. However, if you will rely more on particular connectivity infrastructure such as dark fiber, consider sourcing it from The Loop in Manchester.
Don’t worry too much about Brexit
Yes, we know that it’s hard not to! However, there remain silver linings in this particular cloud. Yes, the UK currency has dropped in value since the country voted to leave the European Union – but British goods have consequently fallen in their global prices, says Small Business Bonfire. This situation could bode well for your exports.
Furthermore, the national economy has remained stable, leaving a comfortable environment in which you can grow your business. It all adds up to a promising future for your British business adventure!